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Karachi: NICL chairman remanded for five more days

Karachi: NICL chairman remanded for five more days

KARACHI: A judicial magistrate on Wednesday extended the remand of the chairmanof NationalInsurance Corporation Limited (NICL) in a landscamcase till Dec 6.

The NICL chairman, Ayaz Khan Niazi, who surrendered himself on Nov 23, along with others has been formally arrested for allegedly violatingthe rules in the procurement of land on exorbitant rates, which caused a huge financial loss to the exchequer.

The suspect, who had been remanded in the custody of the Federal Investigation Agency since Nov 23, was produced before a judicial magistrate (east) on Wednesday and the FIA sought an extension in his remand.

The court remanded the suspect in the FIA custody for another five days and directed the investigation officer to produce him in court on the next date.

According to the prosecution, the FIA received a written complaint from Zafar Mehmood, the commerce secretary, on Nov 16, 2010 in which he requested to carry out a probe in connection with all purchases of land at various places and on different times by the NICL and further requested to register a separate case regarding the primafacie embezzlement of the NICL funds in the transaction of 10-acreland purchased in Aug 2009 in the Korangi area against the amount of Rs90 million per acre, which allegedly caused huge losses to the exchequer.

The chairman, the board of directors, the investment committee of the NICL, the sellers, the valuators and others in connivance with each other committed offences of criminal breachof trust, misconduct, forgery and cheating, it added.

A case (FIR 21/10) was registered under Sections 409 (criminal breach of trust by public servant, or by bankermerchant or agent), 420 (cheating and dishonesty inducing delivery of property), 468 (forgery for purpose of cheating), 471 (using as genuine a forged document) and 109 (punishment of abetment if the act abetted is committed in consequences and where no express provision is made for its punishment) of the PakistanPenal Code read with Section 5 (2) of the Prevention ofCorruption Act-II, 1947 at the FIACommercial BankCircle, Karachi.